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Summit Closes $750 Million Funding; Develops New York Times Article "Deepwater Horizon's Final Hour"

Photo of Anne Thompson By Anne Thompson | Thompson on Hollywood March 9, 2011 at 12:04AM

 No, James Cameron has not picked up the rights to the December 25 New York Times article Deepwater Horizon's Final Hour, although he might turn up as a character in the final movie that Summit Entertainment and Participant Media are developing about the BP Oil disaster (with backing from Imagenation Abu Dhabi). And Summit confirms that it has finally closed a new $750 million deal, for a $550-million term loan plus a $200-million revolving line of credit, led by banks JP Morgan and UBS AG.
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Thompson on Hollywood

No, James Cameron has not picked up the rights to the December 25 New York Times article Deepwater Horizon's Final Hour, although he might turn up as a character in the final movie that Summit Entertainment and Participant Media are developing about the BP Oil disaster (with backing from Imagenation Abu Dhabi). And Summit confirms that it has finally closed a new $750 million deal, for a $550-million term loan plus a $200-million revolving line of credit, led by banks JP Morgan and UBS AG.

Screenwriter Matthew Sand will adapt the Deepwater Horizon disaster story, written by the NYT's David Barstow, David Rohde, and Stephanie Saul, about the heroes of the oil rig tragedy that sent millions of gallons of oil spilling into the Gulf of Mexico on April 20, 2010. Summit is in talks with producer Lorenzo Di Bonaventura (Red, Salt, Transformers), who could handle a picture of this scale and scope.

Summit production president Erik Feig stated:

“This film will portray the great heroism that took place last year on the Deepwater Horizon rig and how colleagues so courageously came to each other’s aide.  This piece in The New York Times evoked the raw emotion these brave men experienced and endured throughout the tragedy that took place in April of last year and we hope to evoke the same emotions for our audience with this movie.”

This article is related to: Genres, Independents, In Production, Thriller, Summit


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Born and raised in Manhattan, Anne Thompson grew up going to the Thalia and The New Yorker and wound up at grad Cinema Studies at NYU. She worked at United Artists and Film Comment before heading west as that magazine's west coast editor. She wrote for the LA Weekly, Sight and Sound, Empire, The New York Times and Entertainment Weekly before serving as West Coast Editor of Premiere. She wrote for The Washington Post, The London Observer, Wired, More, and Vanity Fair, and did staff stints at The Hollywood Reporter and Variety. She eventually took her blog Thompson on Hollywood to Indiewire. She taught film criticism at USC Critical Studies, and continues to host the fall semester of “Sneak Previews” for UCLA Extension.